Samba Financial Group Signs SAR 342 Million Shariah-Compliant Financing Agreement with Al Rabie Saudi Foods

Al Rabie Saudi Foods (Al Rabie), a subsidiary of Saudi Arabia-based investment company Aseer Trading, Tourism and Manufacturing Company (Aseer Company), has signed a Shariah-compliant financing agreement valued at SAR 342 million with Samba Financial Group, according to a Tadawul statement, filed on the 2nd of February, 2021.

The credit facilities of the Shariah-compliant financing comprise of a long-term loan worth SAR 150 million with a five-year financing duration including a six-month grace period, and a one-year SAR 192 million loan to finance working capital, which is renewable on a yearly basis, as reported in the Tadawul filing.

The financing provided by Samba Financial Group will be used to restructure Al Rabie’s credit facilities through the allocati...